Bruin E&P Partners has emerged from bankruptcy that allowed the Houston oil and gas company to eliminate most of its debt, the Houston Chronicle reported. The company, backed by private equity firm ArcLight, eliminated more than $840 million of nearly $1.1 billion of debt from its balance sheet after emerging from chapter 11 bankruptcy this week. Bruin emerged from bankruptcy with a new board of directors, composed of Kevin Asarnow, Mark Bisso, Richard J. Doleshek, Mike Wichterich, and Matthew Steele. The company said it also has access to a new $230 million revolving line of credit. The privately-held company, which is focused on oil and gas production in North Dakota, filed for bankruptcy in July after its lenders reduced the company’s credit line, cutting its lifeline to remain in operation. At the time of its bankruptcy filing, Bruin had $11 million on hand.
